YEREVAN, May 11. / ARKA /. Armenian banks, crediting organizations and insurance companies committed 697, 226 and 417 breaches (of law and regulations) respectively in 2010, the Central Bank of Armenia (CBA) said in report on the country’s financial system. The report called Financial System of Armenia: Development, Regulation and Supervision, says banks, crediting organizations and insurance companies committed 509, 88 and 228 breaches of legislation respectively.
The report says also the banks committed 99 breaches by providing unauthentic data, 32 breaches concerned improper keeping of record of crediting registry, 31 breaches were about wrong bookkeeping, 10 breaches were about wrong classification of assets, 2 breaches were violation of standards.
Crediting organizations were said to have committed 19 breaches regarding keeping record of crediting registry, 10 breaches were about wrong bookkeeping, 3 breaches were about providing wrong data.
Insurance companies committed 106 breaches regarding provision of wrong data, 31 breaches were normative violations, 21 were about delayed reports, 7 breaches were about wrong classification of assets and so on.
In addition, pawn shops were said to have committed 217 breaches. The report says the Central Bank imposed 488 penalties on commercial banks, 7 bank chief managers were also fined and 587 warnings were issued last year. Also 92 and 243 warnings were issued to crediting organizations and insurance companies and 58 and 243 penalties were imposed on them respectively.
There are 21 commercial banks, 31 crediting organizations and 9 insurance companies in Armenia. -0-
